# Eurozone vs OECD Floaters: Capital Intensity Mediation

| Variable | EZ S1: Z→K/Y | EZ S2: Z→CA | EZ S3: Z+K/Y→CA | Float S1: Z→K/Y | Float S2: Z→CA | Float S3: Z+K/Y→CA |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 18.8908 | -132.3406*** | -3.0571 | 29.1631 | -11.8103 | 44.4534 |
| | (35.3591) | (43.5459) | (46.1535) | (26.0934) | (32.4720) | (31.9352) |
| Z_2 | -2.9768 | 17.2086*** | -1.3021 | -2.6474 | 1.0490 | -5.5610 |
| | (4.6771) | (5.7580) | (6.0513) | (3.5359) | (4.4003) | (4.3343) |
| Z_3 | 0.1167 | -0.6270*** | 0.0801 | 0.0641 | -0.0174 | 0.2028 |
| | (0.1753) | (0.2158) | (0.2280) | (0.1334) | (0.1659) | (0.1645) |
| fiscal_bal_gdp | 0.1865*** | -0.0606 | 0.0992** | 0.1038*** | 0.2318*** | 0.2994*** |
| | (0.0575) | (0.0689) | (0.0421) | (0.0280) | (0.0376) | (0.0259) |
| nfa_gdp_lag | -0.1867 | 1.4722** | -1.2629** | 1.1723*** | -0.1423 | 0.3516 |
| | (0.5678) | (0.6913) | (0.5363) | (0.2386) | (0.3161) | (0.2275) |
| rgdp_growth | 0.0339 | 0.1204*** | 0.1440*** | 0.1702*** | -0.1585*** | 0.0226 |
| | (0.0329) | (0.0393) | (0.0225) | (0.0201) | (0.0272) | (0.0189) |
| capital_intensity | | | -0.9348*** | | | -0.9933*** |
| | | | (0.0358) | | | (0.0337) |
|:---|---:|---:|---:|---:|---:|---:|
| N | 411 | 411 | 411 | 768 | 768 | 768 |
| R² | 0.0670 | 0.2322 | -0.1630 | 0.2709 | 0.2687 | -0.2682 |
| Countries | 19 | 19 | 19 | 21 | 21 | 21 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*